Five Ways Your Company Can Overcome the Economy

At the dawn of a new decade, doesn’t every organization want to start out on the right foot? It’s time to find new ways for your organization to save money, cut costs, increase profit and raise morale in an environment still suffering from recession. Get creative. Think outside of the box. Embrace new concepts and strategies.

Make the next ten years better than the last.

Last year was certainly a difficult one – perhaps the feeling of swirling down into a deep, black hole of no return sounds familiar? Your organization is not alone in this sinking feeling. There is a light at the end of the tunnel, and your organization can be one to emerge on top. Just around the confines of traditional thinking are ways to continue all of the things your organization is doing right, while making minor changes to make it even better.

Although healthier than the national average of 10 percent, Maryland’s unemployment rate increased to 7.5 percent in December 2009, from 5.4 percent in December of last year, according to the Baltimore Business Journal. With the loss of 44,000 jobs in Maryland last month, companies and organizations are searching for ways to avoid lay-offs and still manage to cut costs. Across the United States, organizations are following similar trends in order to survive in today’s economy while finding alternatives to unemployment.

Consider trying some of these tricks of the trade:

Buy secondhand.

One organization’s liquidating assets are another organization’s treasure. Contact other companies or organizations that you know are downsizing or moving to a different location and looking to sell or get rid of furniture, computers or other equipment.


Something you’ve learned as early as grade school – “I’ll trade you my peanut butter and jelly sandwich for your chocolate chip cookies.” Exchanging products and services with other companies reduces the money you spend, while still gaining what you need – not to mention, it has the potential to create long-lasting, beneficial relationships.


Consider giving employees the option to work from home. Telecommuting presents the opportunity for your organization to grow without the need for additional office space. Plus, some employees may see this as a more convenient way to work, which will in return, increase productivity and employee satisfaction.


Want to put hundreds, or even thousands, of dollars back into your pocket? Instead of enduring the expenses of traveling for business meetings, achieve the same outcome of meeting in person by teleconferencing or video conferencing with clients or other organizations. Use free online services, such as Skype, or try online services specifically for teleconferencing, such as

Do it online.

Pay bills online. Advertise online. Buy online. Not only is it cost-effective (and keeping the ‘green’ in your pocket), it is also embracing the ‘green’ initiative, which is much better for the environment and one of the hottest trends in business today. When buying online, try searching for refurbished or repaired products from credible sites with high ratings.

These initiatives in a recessed economy are the perfect way to get your organization back on its feet. After implementing these cost-cutters, you will find an increase in employee satisfaction, time that was previously spent doing other things, and beneficial, reliable relationships you’ve formed with other companies along the way. So, before you resign with the idea that the black hole is going to swallow up you and your organization for eternity, think again.

*Data gathered from Business Week.


Be Sociable, Share!

Leave a Reply